The fair insurance price is where ____________, where Y is the income that is lower than the income involving the fair insurance
Fill in the blank(s) with the appropriate word(s).
Ans: U(Y) = E(U(X))
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A musician was guaranteed by the government that no one else could replicate or sell his music CDs. This is an example of a:
A) brand. B) patent. C) copyright. D) trademark.
Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is elastic. B) the supply of paper is elastic. C) the supply of paper is inelastic. D) the demand for paper is inelastic.
When the trade-offs you face are determined by the choices someone else will make, behaving rationally involves:
A. acting in a way to help others. B. behaving strategically. C. ignoring the behavior of other actors. D. All of these statements are true.
Which of the following is correct if real GDP is $20 trillion and spending is $20.5 trillion?
What will be an ideal response?